Ocenění podniku v odvětví dopravního stavitelství vybranými metodami

Abstract

The diploma thesis deals with the valuation of a selected company in the transport construction industry in determining the risk-free rate of return in several ways. The thesis aims are determining the value of the company depending on the different methods of the risk-free rate return calculation and find out how the particular methods of calculation affect the value of the cost of capital and the resulting value of the company. DCF and EVA methods are used to determine the value of the company. The work is divided into five chapters, including the introduction and conclusion. The second chapter defines the theoretical basis of the issue of a company valuation. Basic concepts, procedures and methods are described here. The third chapter characterises the company features and includes the strategic and financial analyses derived from the financial plan. Subsequently, the cost of capital, including risk-free rates return, is determined by several alternatives.Furthermore, the company is valued using the two-phase methods DCF-Entity and EVA-Entity as of 1. 1. 2021. The fourth chapter compares the results obtained by each method using different approaches given by various risk-free rate calculations. At the end of the diploma thesis, a risk analysis is performed using sensitivity analysis and scenario analysis. It was found that the choice of method for determining the risk-free rate has a significant impact on the cost of capital and thus on the final value of the company.